July 2010 Residential Sales Statistics in Mason County and Washington State

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What's happening:

The MLS report showed that year-over-year increases in inventory, a double-digit decline in closed sales and a small drop in prices, and that both pending sales and median prices on closed sales showed slight improvement from the previous month. "The tax credit pulled some first-time buyers from the second half of the year into the first half.” Business was “typical” for July, usually a slow month because of vacations. One MLS director said the current market is being driven by people who “have to.” These include buyers who “have to buy” and sellers who “have to sell,” with a good deal of buyers and sellers still sitting on the sidelines waiting. On some positive notes: There was an increased sales in the higher-end market in July since there’s been a “reality check” on pricing at the higher end, marked by price drops and a corresponding uptick in activity; Also we see some encouraging activity for newly built homes. We see sales occurring in new construction where large builders have reset their prices to 2004 levels. Sales are brisk among first-time buyers in this market. New home sales activity is trending up in the Puget Sound region.
 
What's predicted:

There could be a couple of additional months of slow home-sales activity before picking up later this year, providing the economy continues to add jobs. We’ve turned the corner on home prices and they should remain fairly stable over the balance of the year, but we really need to see stronger job creation to have a meaningful recovery in the housing markets. Consumer confidence is ebbing and that makes major purchases even more difficult to initiate or even contemplate. If the job picture improves even slightly later this year, we will see an uncharacteristic uptick in sales in the final quarter. It's also believed that there’s a pent-up demand based on the number of pre-approvals for loans in the mortgage company’s pipeline. Many of these potential buyers are expected that they "will pull the trigger” once rates or prices start edging up. In this market, sellers must focus on the condition, amenities and pricing of their properties in order to obtain a sale in this very strong buyer’s market. Buyers who procrastinate while waiting for a better time to purchase may risk looking back in hindsight bemoaning the opportunity that passed them by.

Per the Data by Moody's Analytics, Washington fared “4th best state” for building a nest egg and has the country’s most promising real estate market in the near term, according to an index created by U.S. News that considered each state’s housing market, unemployment rate, per capita income, and taxes. Citing data by Moody’s Analytics, the report indicated home prices in the state are expected to surge by “a whopping 6.6 percent per year” between 2010 and 2013.
Below is the residential sales statistics at our Mason County local level for the month of July, 2010.

New Listings:
- Listing Inventory: Total 176. ↑13% comparing to last month, ↑10% comparing to the same month last year.
- Average Days on the Market: 146 days.
- Median Listing Price: $229,000. ↓1% comparing to last month, ↓8% comparing to the same month last year.

Pending Sale Listings:
- Pending listings: Total 61. ↑27% comparing to last month, ↓21% comparing to the same month last year.
- Average Days on the Market: 145 days.
- Median Pending Sale Price: $174,900. ↑2% comparing to last month, ↓1% comparing to the same month last year.

Sold Listings:
- Sold Listings: Total 45. ↓19% comparing to last month, ↓23% comparing to the same month last year.
- Average Days on the Market: 178 days.
- Median Sold Price: $190,000. ↑29% comparing to last month, ↑4% comparing to the same month last year.

(Above report compiled by PING Real Estate. Data source: NWMLS published data Aug 5, 2010).


Below is the statistical summary by the counties statewide for July, 2010: